Financial institutions routinely open accounts for consumers and businesses and the rules for providing account disclosures, account agreements, and signature cards are well established. However, the legal and compliance issues involved with closing accounts are often more complicated. Why? Because there are wide-ranging situations, including accountholder death, suspected fraud or money laundering, disputes between account owners, and requests to levy funds. This session will address two focal areas. First will be the challenges of closing or changing consumer accounts. Second will be specific complexities regarding various ownership categories of business accounts.

New rules for beneficial ownership began May 11, 2018, and apply to legal entity customers

Death of a business owner and types of business ownership categories

TAKE-AWAY TOOLKIT

Account owner/authorized signer information worksheet

New account checklist

Checklist for CIP acceptable identification

Federal garnishment notice form

Account closure form letter

Employee training log

Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for new accounts representatives, call service representatives, branch managers, assistant branch managers, branch administration, deposit operations, BSA/CIP staff, and anyone who works with new accounts.

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.